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Sysco Sales Up 3.5% in Fiscal Year

Foodservice distributor Sysco Corp. (NYSE: SYY), Houston, TX, reported sales for the fiscal year ended June 27 of $50.4 billion, up 3.5 percent year-over-year. Profit was $949.6 million, an increase of 38.3 percent compared to the prior year.

Sales for the fourth quarter were $13.6 billion, a 10 percent increase over the same period a year ago. Profit nearly tripled to $215.7 million.

Food cost inflation during the quarter was 1.2 percent, as measured by the estimated change in Sysco's product costs, driven mainly by inflation in the meat, dairy and poultry categories. In addition, sales from acquisitions (completed within the last 12 months) increased sales by 1.2 percent, and the impact of changes in foreign exchange rates decreased sales by 0.5 percent.

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